Can my cosigner be released at a later date?
Many of our credit union lenders offer a cosigner release option based on on-time payment history and other requirements. We recommend reviewing specific criteria on the credit union lender's website.
What is the difference between a fixed and variable rate?
Fixed Interest Rate A fixed rate loan is exactly as it sounds – the interest rate is fixed, or stays the same, for the entire life of your loan. Pros: You’ll know what your interest rate is and won’t have to worry about fluctuations down the road. Cons: The tradeoff [...]
Do I have to refinance all my student loans?
You can refinance all or some of your student loans - whichever option is best for you. Some borrowers choose not to refinance their federal student loans so they can hold on to existing benefits such as income based repayment plans or loan forgiveness.
When can I refinance my student loans?
Your student loans can be refinanced if they are in grace or repayment after you've graduated from an approved school.
Can I refinance loans I’ve previously refinanced?
Yes! If you have previously refinanced some or all of your student loans, you may wish to refinance again to take advantage of a lower rate.
Should I continue making payments while my refinance application is in process?
Yes, you should continue to make your payments while your application is in process. You will be notified when the funds have been sent to the applicable servicers.
What should I know about the CARES Act and refinancing federal student loans?
The CARES Act was passed in response to events related to the Coronavirus pandemic and includes broad relief measures for federal student loan borrowers. If you are considering refinancing your federal student loans, please make sure to review these measures at www.studentaid.gov/coronavirus to understand your options.
What kind of loans can I refinance?
All loans being refinanced must be post separation from school. Federal Education Loans: Federal Family Education Loan Program (FFELP) Subsidized or Unsubsidized (aka Stafford Loan) Grad or Parent PLUS William D. Ford Direct Loan Program Subsidized or Unsubsidized (aka Direct Stafford Loan) William D. Ford Direct Loan Program Undergraduate, Grad [...]
What is the difference between consolidation and refinancing?
Consolidation means you are simply combining existing loans. Your total payment amount and total interest will likely remain the same, but you’ll have the convenience of making one payment rather than multiple payments. This type of loan is usually associated with federal government student loans. When you refinance, you are taking out a [...]
Do I have to be a credit union member?
You do not need to be a member to start the application, but you will need to be a member of the credit union before you can receive funding. Need to find a credit union? We can match you with some options.
